Question

what is an NSF Check how is it treated? .course name: computerized Accounting 2017 book

what is an NSF Check how is it treated?

.course name: computerized Accounting 2017 book

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

a)NSF Check term stand for "Not Sufficient Fund". It means the check is not honored by bank because of check issuing entity does not has sufficient fund in the bank account. It may happen when the entity draws the check of larger amount than the fund available in the bank account.

b)NSF Check treated when the customer deposit check in the bank. The bank will deduct the amount of check from the customer which was credited earlier.The bank also deduct the bank fees for processing the NSF check from the customer account.Then this check is given back to depositor as NSF check.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What is goodwill? How is it treated in accounting?
What is goodwill? How is it treated in accounting?
What is computerized payroll accounting? How does this expedite the process for paying payroll taxes?
What is computerized payroll accounting? How does this expedite the process for paying payroll taxes?
what are some of the things you want to consider before setting up a computerized accounting...
what are some of the things you want to consider before setting up a computerized accounting system? how would you accomplish these steps?
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On July 31, the company’s Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. Check No. 3031 for $1,482 and Check No. 3040 for $558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
What is natural capital accounting? Name two income statement elements and explain how natural capital accounting...
What is natural capital accounting? Name two income statement elements and explain how natural capital accounting might affect each element.
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On July 31, the company’s Cash account has a $25,754 debit balance, but its July bank statement shows a $27,263 cash balance. Check No. 3031 for $1,190 and Check No. 3040 for $587 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity...
2. Prepare the journal entries necessary to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On...
What concepts have you learned in this managerial accounting course? Specifically, how can you use these...
What concepts have you learned in this managerial accounting course? Specifically, how can you use these concepts in future courses and in your career?
What concepts from the course are applicable to your personal life? Name and describe at least...
What concepts from the course are applicable to your personal life? Name and describe at least one economic concept that you consider to be an important takeaway from this course. Explain why, and describe how you plan to apply it.
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.    On July 31, the company’s Cash account has a $25,752 debit balance, but its July bank statement shows a $27,808 cash balance. Check No. 3031 for $1,410 and Check No. 3040 for $697 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT